HOUSE BILL No. 4249


     February 10, 1999, Introduced by Reps. Schauer, Julian, Wojno, Dennis, Bovin and Minore and referred to the Committee on Transportation.


        A bill to amend 1982 PA 249, entitled

   "An act to establish the state children's trust fund in the
   department of treasury; and to provide certain powers and duties
   of the department of treasury with respect to the trust fund,"

   by amending section 1 (MCL 21.171), as amended by 1997 PA 34.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         Sec.  1.  (1) The children's trust fund is created as a sep-

 2    arate fund in the department of treasury.  The fund shall be

 3    expended only as provided in this section.

 4         (2) The state treasurer shall credit to the trust fund all

 5    amounts appropriated for this purpose under section 475 of the

 6    income tax act of 1967, 1967 PA 281, MCL 206.475, any amounts

 7    received under SECTION 811D OF THE MICHIGAN VEHICLE CODE, 1949

 8    PA 300, MCL 257.811D, AND section 8 of the child abuse and

 9    neglect prevention act, 1982 PA 250, MCL 722.608, and any amounts




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 1    received from civil fines imposed under the playground equipment

 2    safety act, 1997 PA 16, MCL 408.681 TO 408.687.

 3         (3) The state treasurer shall invest trust fund money in the

 4    same manner as surplus funds are invested pursuant to section 3

 5    of 1855 PA 105, MCL 21.143.  Earnings shall be credited to the

 6    trust fund.

 7         (4) Until the total amount of assets in the trust fund

 8    exceeds $20,000,000.00, not more than 1/2 of the money contrib-

 9    uted to the trust fund each year, plus the earnings credited to

10    the trust fund during the previous fiscal year, shall be avail-

11    able for disbursement upon the authorization of the state board

12    as provided in section 9 of the child abuse and neglect preven-

13    tion act, 1982 PA 250, MCL 722.609.  After such time that  IF

14    the state treasurer certifies that the assets in the trust fund

15    exceed $20,000,000.00, only the earnings credited to the trust

16    fund shall be available for disbursement upon the authorization

17    of the state board as provided in section 9 of the child abuse

18    and neglect prevention act, 1982 PA 250, MCL 722.609.

19         (5) Funds granted or funds received as gifts or donations to

20    the children's trust funds shall be available for disbursement

21    upon appropriation under section 8 of the child abuse and neglect

22    prevention act, 1982 PA 250, MCL 722.608, and funds authorized

23    for expenditure shall not be considered assets for the purposes

24    of subsection (4).

25         Enacting section 1.  This amendatory act does not take

26    effect unless Senate Bill No. _____ or House Bill No. _____





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 1    (request no. 00737'99) of the 90th Legislature is enacted into

 2    law.




















































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